In This Article:
The Dow Jones Industrial Average (^DJI) shed 184 points on Thursday, while the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) closed just below the flat line. Investors are eagerly awaiting the September employment report which will be released Friday morning. The report will provide fresh insight into the health of the economy and possibly provide clues as to what may lie ahead from the Federal Reserve.
Market Domination Overtime hosts Madison Mills and Josh Schafer and Yahoo Finance Markets and Data Editor Jared Blikre recap the action at the close.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Stephanie Mikulich.
That is the closing bell on Wall Street. And now, it is Market Domination Overtime sponsored by Tasty Trade. We are joined by Jared Blickre. He's gonna get you up to speed with the market action from today, but let's take a look at where the major averages ended up, Josh. Obviously, again, we've got a sea of red, but we did see the Nasdaq recovering just a touch into the close, nearing the flat line, barely below the flat line there. And you have the S&P also recovering just a bit from its earlier moves to the downside as well.
It's been interesting to watch the market action throughout the week, Mandy, because it feels like it's been a little bit of wait and see ahead of the big macro data tomorrow. You had, I guess I wouldn't even, I don't even know if we'd call it a sell off, the S&P down a little bit over 1% on Tuesday. But outside of that, it's been a little bit of a trend down, and then kind of come back up a little bit. You see a little bit of a recovery there, of course, lower on the week. But it was interesting to see the Nasdaq come back, really led by Nvidia today. Nvidia surging, I think it was over 3%. And so, when you see Nvidia go up, that's been something that's helped lead the Nasdaq, of course. So, that was sort of one of the bigger stories on the day, at least for me.
Absolutely. You can see there Nvidia up over the last couple of sessions as well. But Jared, let's get over to you for a closer look at today's sector action.
Well, thank you. Um, you know, I was watching the indices too, not a whole lot of action there. But I do want to check out three derivative market, well, at least one derivative market that's giving me a little concern. The VIX is now back over 20. I'm just going to show you on a three-month basis. Here's that big spike we had with Armageddon. So, we're not quite there, but if you look at the candlestick charts, we are right in the area that we had in early September, and it looks like we want to head a little higher. So, what could keep it propelled in that direction? Well, I'm looking at two things. Here's the 10-year T-note yield. That has been on the advance in large degree, uh higher rates not necessarily good for the whole market. Some of the market, yes, but what's more concerning is the US dollar index, which is now four days straight in the up direction. It is now cleared just a little bit, this resistance right here, which tells me it has room to run. And a strong dollar is not a good environment when the Fed is lowering rates. Uh, that just hints that the globe, that the world might be in a little bit more trouble than uh we realize. But that's just a yellow warning for now. Uh, sector action, only energy and tech finished in the green. Energy up 1.75% or thereabouts. Consumer discretionary was the biggest leader, uh loser, or laggard, followed by materials, followed by real estate and staples here. Each of those down about 1%. And if we take a look at our leaders, it was small oil, that's PSCE, followed by Bitcoin and then cannabis stocks and then chip stocks. So, interesting smatter of green there, but to the downside, guess what, China had a rare off day, just rare in the last, uh, I would say 10 to 20 trading days because in that time, in 10 trading days, you can see still holding on to lots of gains there, guys.